The Real Estate and Mortgage Show - February 2
Steve, Paul and Frank take your questions on real estate, mortgages and much more.
This week, on the Real Estate and Mortgage Show, host Steve Gregory is joined by Frank Napolitano of Mortgage Brokers Ottawa and Paul Rushforth of Paul Rushforth Real Estate to discuss current mortgage and real estate topics, and take calls from listeners. On this week's show, the team discuss refinancing to save money, natural gas versus oil heating, investment properties, and much more.
One of the callers on this week's show was curious if choosing natural gas over oil heating would increase the value of a home. A recent study showed that approximately half of all Canadians use natural gas to heat their homes, and it is definitely the more convenient and valuable choice. According to a statistic quoted on this week's show, natural gas furnaces are approximately 98% efficiency, while new oil furnaces are approximately 86%. For those who are interested in a home that happens to be heated with an oil furnace, it is strongly recommended to find out the age of the oil tank and give that information to the home insurer before waiving conditions.
Many more questions this week concerned mortgage renewals. With an influx of mortgages approaching renewal, many home owners are looking to take advantage of current low mortgage rates. One caller wondered if a lawyer is required when renewing a mortgage and changing lenders. When a mortgage is up for renewal, whether keeping the original lender or switching to a new one, a lawyer is not required for the transaction. Frank reminds listeners that when looking to renew, the mortgage rates and terms are the most important focus, and should take precedence over lender loyalty. Talk to an Ottawa Mortgage Broker to find the mortgage that fits your life best.